In Part 2 of this five-part INET "From the Director's Chair" interview, INET Executive Director Robert Johnson talks with John Mauldin about the need for fundamental restructuring in Europe. "The real problem is not Italy," Mauldin says. "The real problem is Spain. Spain is much less competitive and has much deeper deficits." Mauldin sees a need for deep changes across Europe and a Greek exit from the euro. "From a Greek standpoint, I think they're better off choosing the disaster that will be leaving the euro as opposed to choosing the disaster that will be staying in the euro," he says.